What to do with YBS Regular Saver

YorkshireBoy

pmorrison wrote: »

Is that something that happens regularly?

Probably not, and I'm maybe just throwing a spanner in the works!

It's normally new customers that get the best rates, but who knows these days...with institutions doing all they can to draw in funds?

Mutuals do tend to do strange things though.

YorkshireBoy

TomsMom wrote: »

Oops, beg pardon, bit of wishful thinking there. Tesco is 6.25% - good job you said and I checked or I'd have put it in the wrong one. Instead it will go in my Coventry 50+ fixed at 6.4% awaiting transfer to the Skipton Special Savers.

Tesco does FP's...does Coventry, or will they do soon?

Bisoy

TomsMom wrote: »

Oops, beg pardon, bit of wishful thinking there. Tesco is 6.25% - good job you said and I checked or I'd have put it in the wrong one. Instead it will go in my Coventry 50+ fixed at 6.4% awaiting transfer to the Skipton Special Savers.

You could still do better than that:

Kaupthing edge= 6.5%
BB internet saver= 6.51%
BM esaver= 6.52%

Good luck.

pmorrison_2

Is it worth keeping it open in case YBS gets bought out by a bank? Not too sure on the details of how it works but Im sure Ive seen someone say its worth have building society accounts just in case theres a payout? Is that the same with a RS account?

TomsMom

Bisoy wrote: »

You could still do better than that:

Kaupthing edge= 6.5%
BB internet saver= 6.51%
BM esaver= 6.52%

Good luck.

Considered them but OH wont do KE, BM don't do joint account as far as I remember and OH had a previous BB internet account and didn't like the site .

It was the joint account we wanted and Tesco seemed to be the best on offer.

TomsMom

YorkshireBoy wrote: »

Tesco does FP's...does Coventry, or will they do soon?

Don't think Coventry does FP yet, hopefully not too long.

Edited to add: Just seen on another thread that Coventry receives FP but doesn't send them yet.

Bisoy

TomsMom wrote: »

Considered them but OH wont do KE, BM don't do joint account as far as I remember and OH had a previous BB internet account and didn't like the site .

It was the joint account we wanted and Tesco seemed to be the best on offer.

Is there any particular reason why not KE? I don't have accounts with BM and BB but have KE and ICESAVE and I didn't encounter problems with both Icelandic banks and both accounts has been running smoothly.

Milarky

To anyone considering closing this account early* DON'T! Early closure results in loss of the bonus rate (i.e. a drop of 3.65%!) The safe way to act is either wait until the anniversary month (i.e. until just after the bonus interest is added) OR withdraw a single amount down to the minimum operating balance (£10) and keep adding £10 a month for the rest of the year to keep to the terms of the account.

(No one here has actually stated that closure was 'early' in their case but haven't made clear that it wasn't either)

As the rate has been falling this year, I have simply reduced my payments in towards the minimum.. as have others, I believe.

*'Early' meaning NOT during the 'anniversary month'

TomsMom

Milarky wrote: »

(No one here has actually stated that closure was 'early' in their case but haven't made clear that it wasn't either)

My bonus has already been added and I also waited until this month's SO showed up (only £10, was topping up to the max manually during the previous months). Hopefully everyone else has realised to wait until bonus interest shows.

TomsMom

Bisoy wrote: »

Is there any particular reason why not KE? I don't have accounts with BM and BB but have KE and ICESAVE and I didn't encounter problems with both Icelandic banks and both accounts has been running smoothly.

He just wants a name he's heard of and trusts really for peace of mind.

We are in the process of trying to find the best joint accounts as he has recently been diagnosed with an incurable cancer and want to get enough money into a joint account so that when the time comes I can get easy access to enough money rather than wait for probate on any accounts in his name. Most of our money is in ISAs so we obviously wont touch those but need to get a reasonable amount available quickly.

Obviously, in the circumstances, I'm not going to oppose him if he doesn't have 100% faith in a banking institution thats not been a household name or around for any great length of time.

We'll keep an eye on interest rates and as long as there is internet access we're happy to move to a better rate with someone he's happy with. At the end of the day he's trying to secure my future.